Navi’s Sachin Bansal Steps Down From CEO Role

In a major restructuring exercise at fintech major Navi, Sachin Bansal has stepped down from the role of CEO of Navi Technologies and Navi Finserv. However, he will continue to be the executive chairman of the Navi Group.

The group has appointed Rajiv Naresh as the CEO of Navi Technologies and Abhishek Dwivedi as the CEO of Navi Finserv.

Naresh joined the company in 2019 as a director of the legal department. Earlier, he was a legal associate at MD&T Partners. Before that, he cofounded “Scribbler Magazine”. 

Dwivedi also joined Navi in 2019. Before that, he was a cofounder and CEO of Treemendous.in –  an end to end plant and landscaping services company. 

Commenting on the move, Bansal said, “Holding the position of executive chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group, while Rajiv and Abhishek will lead their respective businesses with a continued commitment to innovation and excellence.” 

According to the company, Bansal will now focus on Navi’s long-term strategies, exploring expansion opportunities, steering fund-raising and M&A efforts and enhancing compliance and risk management across the group. He will also oversee the tech and data science initiatives in the company. 

Founded in 2018 by Flipkart cofounder Bansal and Ankit Agarwal, Navi is a financial services company. It primarily provides personal, vehicle, and home loans. Over the years, it expanded its services and now also offers UPI, insurance, and mutual fund investment.

It is currently the fourth largest UPI app in the country. Navi Technologies, which is the holding company, offers UPI. Under its umbrella comes Navi Finserv and Navi General Insurance. 

Notably, Navi Finserv is the NBFC arm of the company, while it offers health insurance via Navi General Insurance. 

Navi Group recently came under the radar of the Reserve Bank of India (RBI) for flouting certain norms. In October 2024, the RBI banned Navi Finserv from sanctioning and disbursing loans due to supervisory concerns. Later, the RBI lifted the restrictions in December last year.

Navi Technologies posted a profit after tax of INR 130 Cr in H1 FY25 on a total income of INR 2,614 Cr, as per Care Ratings.